A fully-integrated retail real estate company, Phillips Edison & Company said Wednesday that the company recently acquired a shopping pavilion— Ft. Smith Pavilion. The shopping pavilion is located at 3935 Phoenix Avenue Fort Smith, Arkansas.
Phillips Edison & Company purchased the shopping pavilion in cash, which is funded by the company’s Strategic Investment Fund.
The deal was made between the Fund and Pavilion’s developer, Merchants Holding Co. last week.
Senior Vice President for the company’s Strategic Investment Fund David Birdsall said the shopping pavilion fits into the company’s strategy, which is acquiring important retail centers that are secured by leading lifestyle center or retailers in markets where regional malls are replaced.
Birdsall also said the company likes the real estate market in the Midwest and Mid-south, and would like to acquire more properties in the area.
The Ohio-based company has more or less 25 million square feet of shopping center nationwide, and has 240 assets. Its primary goal is to acquire grocery-anchored, under-performing assets, which could maximize its market value by redevelopment, hands-on leasing, and management.
The shopping pavilion Ft. Smith Pavilion is the company’s second major shopping center acquisition.
Bridgewater Falls development, a 600,000-square-foot property in Fairfield Township, Ohio was acquired by the company’s Strategic Investment Fund last year, and was a lender-owned property.
The recently acquired shopping pavilion was open to the public on 2008, and its major retailer companies includes Michaels, Old Navy, Best Buy, Bed Bath and Beyond, Best Buy, Ulta, Books-A Million, Petco, Target, and two restaurants LongHorn Steakhouse and Cheddar’s.